Instant Access Savings
Instant access and no restrictions on the number of withdrawals you can make.
Minimum opening balance of just £1.00
Key benefits of a Tesco Instant Access Savings account
- Competitive rates - up to 5.00% Gross/AER (Minimum balance to earn this rate is £50,000.
- Tiered rates of interest means the more you save the more you earn
- Instant access to your funds
- You can also deposit cash at your local Tesco store and pay in cheques at over 550 Tesco stores. See the store list for details
- A Tesco Savings Card - take money out at your local Tesco store (except Tesco Express and petrol filling stations) and FREE at 32,000 LINK cash machines
- 24 hour access to our online banking service
- Set up a Direct Debit to make regular and one off payments into your account when it suits you
- Save for under 16s with the "in trust for" option.
Our interest rates
Tesco Instant Access Savings account rates are subject to change. Interest is calculated on a daily basis and is paid monthly or annually as you choose. Interest will be paid on the last business day of the month for monthly accounts and the last business day in April for annual accounts.
Non-taxpayers
If you are a UK non-tax payer, you will be required to complete an R85 form. This will be sent to you with your welcome letter if applicable.
How does our Instant Access Savings Account compare?
Open a Tesco Instant Access Savings Account and you could earn over £80 more a year on average compared to other savings accounts¹.
The table below illustrates the interest you could earn based on an annual investment of £6,000.
| Savings Provider | AER interest rate | Gross Interest paid | Difference in interest paid |
|---|---|---|---|
| Tesco Instant Access Savings | 4.25% | £255 | - |
| Barclays Flexible Saver | 4.00% | £240 | £15 |
| Abbey Flexible Saver | 3.25% | £195 | £60 |
| Alliance & Leicester Easy Saver | 2.75% | £165 | £90 |
| HSBC Flexible Saver | 2.45% | £147 | £108 |
| Halifax Instant Saver | 1.97% | £118 | £137 |
¹Based on the average AER interest earned across similar functioning branch based instant access savings accounts offered by Alliance & Leicester, Barclays, Halifax, Abbey National and HSBC with an average annual deposit of £6,000. Interest rounded to the nearest pound. Rates sourced directly from listed organisation's web sites. Rates correct as at 9th April 2008.
Our interest rates
Tesco Instant Access Savings account rates are subject to change. Interest is calculated on a daily basis and is paid monthly or annually as you choose. Interest will be paid on the last business day of the month for monthly accounts and the last business day in April for annual accounts.
Non-taxpayers
If you are a UK non-tax payer, you will be required to complete an R85 form. This will be sent to you with your welcome letter if applicable.
Rates correct as at 14th February 2008.
Annual Interest rates
If you choose the annual interest option, the annual rates apply:
| Saved amounts | Current (effective from 17/04/2008) | Previous (effective from 14/02/2008) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 - £2,999 | 3.85% | 3.85% | 3.08% | 4.10% |
| £3,000 - £4,999 | 4.05% | 4.05% | 3.24% | 4.30% |
| £5,000 - £14,999 | 4.25% | 4.25% | 3.40% | 4.50% |
| £15,000 - £49,999 | 4.75% | 4.75% | 3.80% | 5.00% |
| £50,000+ | 5.00% | 5.00% | 4.00% | 5.25% |
Monthly Interest rates
If you choose the monthly interest option, the monthly rates apply:
| Saved amounts | Current (effective from 17/04/2008) | Previous (effective from 14/02/2008) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 - £2,999 | 3.80% | 3.85% | 3.04% | 4.10% |
| £3,000 - £4,999 | 3.99% | 4.05% | 3.19% | 4.30% |
| £5,000 - £14,999 | 4.19% | 4.25% | 3.35% | 4.50% |
| £15,000 - £49,999 | 4.67% | 4.75% | 3.74% | 5.00% |
| £50,000+ | 4.91% | 5.00% | 3.93% | 5.25% |
- Gross is the interest rate paid before deduction of tax
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year
- Net is the interest rate paid after the deduction of tax
Rates are variable and effective from the 17/04/2008.
